Question regarding judgements

[Anonymous]

Okay......CRTP is 7 yrs +/-.  

SOL for my state is 5 and 10 yrs.

Say a collection that has a SOL of 10 yrs, falls from my report in 7yrs.  After it has dropped from my report, the CA decides to sue and gets a judgement. Then will this be reported on my CR even if the CRTP for the actual debt is past?

[Anonymous]

bump!

[Anonymous]

what state are you in????   and are we talking CC  CO that went to a CA??

Message Edited by HappyDays on 09-02-2007 10:18 PM

[Anonymous]

I'm in Missouri. I really meant any collection account in general. I guess a better way to ask might be if CRTP runs out on a particular account, but SOL hasn't and you get sued over the account will the judgement be listed on your CR even though the CRTP has ran out for the original debt? Sorry if I am not asking clearly.

[Anonymous]

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ProudMom wrote:

I'm in Missouri. I really meant any collection account in general. I guess a better way to ask might be if CRTP runs out on a particular account, but SOL hasn't and you get sued over the account will the judgement be listed on your CR even though the CRTP has ran out for the original debt? Sorry if I am not asking clearly.

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this is why I asked what kind of debt you were asking about. It makes a differents.

Missouri Statutes of Limitation

Written agreement that contemplates the payment of money or property: 10 Years, (Mo.Rev. Stat. §5l6.ll 0). NOTE: Under certain circumstances, the contractual statute of limitations may be reduced to five years.

Open accounts: 5 years, (Mo. Rev. Stat. §5l6.l20).

Sale of goods under the UCC: 4 years. NOTE: The statute begins to run from the date when the breach occurred for contracts and from the time of the last item in the account on the debtor's side for actions on accounts

CC are concidered as open accounts.   in your case the SOL would be 5 years

As for the written contracts  IF the SOl was 15 years....The  CRTP would be 7-7.5 years.

Public records may remain 10-15 years  CRPT

If the CRPT 7-7.5 yrs  runs out it is deleted from CR BUT  state SOL is still in play.    

EXAMP:    CC  stays on CR for 7 years    your SOL is 5 years

                 Mortgage forclosure    CR 7 Years (CRTP)   BUT  SOL if 10 years...then you can still be sued up until the 10 years.

NOW Im guess that a mortgage foreclosure is a written contracts in your state.

Message Edited by HappyDays on 09-03-2007 01:46 AM

Message Edited by HappyDays on 09-03-2007 01:51 AM